Case Brief
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration granted to Maha Rashtra Apex Corporation Limited, effective June 13, 2002. Following the cancellation, the company cannot carry on business as a non-banking financial institution. RBI also imposed prohibitions on acceptance of deposits under Section 45MB(1) and on alienation of assets under Section 45MB(2), unless prior permission is obtained from the Reserve Bank.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Manipal, Karnataka
- Order Date